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What’s behind the rise of Shiba Inu coin?

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The world of digital coins continues to grow at rapid pace, with one particular coin rising 111 per cent in its best ever week

Known as the ‘DogeCoin Killer’ – SHIB coin continues to shake up the world of cryptocurrency.

According to CoinGecko, the cryptocurrency hit a record of US$0.00008088 – which is an improvement of 140 million per cent compared to its low last year in November.

While the current price might not seem like much – it is a massive rise since the coin first listed in August 2020 at US$0.000000000972.

Shiba Inu Coin was created in August 2020, and has gained popularity around the world – particularly within India.

Created by an anonymous person who called themselves “Ryoshi” – the digital coin was intended to be a spin-off of dogecoin.

SHIB is now rivalling its predecessor for market cap after breaking the $US30 billion barrier.

The digital currency coin features the Japanese dog as its mascot, and is now nipping at the heels of Dogecoin, which sits in 10th place among cryptocurrencies for market cap at $US31 billion.

SHIB drops 40%
SHIB drops 40%

Much of the spike is credited to rumours about the coin being listed on trading platform Robinhood

Those rumours have ironically seen SHIB reach a bigger market cap than Robinhood — which is at US$30 billion.

The rumours have seen SHIB’s price rise drastically in recent weeks.

Robinhood hasn’t yet listed the coin, although had sent a survey to users on Monday, asking which cryptocurrencies they trade and included shiba inu as an option.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Crypto

Crypto companies on the verge of collapse

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The collapse of crypto empire FTX has sent shockwaves right around the world, with many questioning the future of digital coins

Now, one Australian company is feeling the pinch.

Brisbane-based ‘Digital Surge’ says it will halt all withdrawals, citing the “greatly upsetting” news FTX is in administration.

Digital Surge allows investors to trade cryptocurrencies in a number of different ways, including through self-managed super funds.

CEO Dan Rutter says his company “operates as a broker and is committed to facilitating the best trade for users at any time”.

This means a portion of assets are actually held by trading partners.

FTX was one of these trading partners and as a result, Rutter says the company isn’t currently able to operate “business as usual”.

Withdrawals have already been blocked for over a week. The CEO says the company is still solvent and this is all related to short-term liquidity challenges.

Adding, “until a permanent solution has been implemented, it is a legal requirement for Digital Surge to suspend all deposits and withdrawals”.

But the company remains tight-lipped about how many customers are affected and what exposure it had to FTX.

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Business

BlockFI the latest crypto collapse

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The contagion from the FTX crypto collapse has claimed another major scalp.

Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy.

BlockFi claimed more than 100,000 creditors with liabilities up to $10 billion.

BlockFi was founded in 2017 and is now hoping bankruptcy protection will allow it to stabilize the company and restructure.

In a statement, the company says:

“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,”

“From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector.”

Days after FTX declared bankruptcy, BlockFi said it had significant exposure to FTX and its other corporate entities.

BlockFi is now the fourth crypto-focused company to seek bankruptcy protection this year, following FTX, Voyager Digital, and Celsius Network.

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Business

China protests hit global markets, crypto

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Investor watches markets

The protests in China are having a negative impact on cryptocurrencies and markets around the world.

Bitcoin failed to break its descent and fell more than 3 percent.

The global crypto market cap fell over 2%, sending major cryptos into the red.

Over the last 24 hours, overall crypto market volume grew by 22%.

It comes amid a round of investor nervousness in global markets spurred by protests in China against Covid restrictions.

Protesters outraged by harsh COVID-19 regulations called for China’s strong leader to quit.

China is the world’s second-largest economy and has a significant impact on global financial markets.

Stocks and cryptos aren’t considered safe havens, leading to bearing price action.

Analysts are hoping for a sharp bullish reversal if and when the protests end.

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